Accident victims and pensioners with annuities from the bankrupt Executive Life Insurance Company of New York will continue receiving payments under a plan worked out with property-casualty and life insurance companies, New York officials said.
The arrangement was announced by New York Gov. Eliot Spitzer and State Insurance Superintendent Eric Dinallo. They said the agreement covers nearly 11,000 persons.
ELNY, which went bankrupt in 1991, was facing a significant deficit under the supervision of Mr. Dinallo and the New York Liquidation Bureau, an independent organization.
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